Teekay Orders Additional Shuttle Tanker Duo
Teekay Offshore Partners L.P. has declared options with Samsung Heavy Industries Co., Ltd. for the construction of two Suezmax DP2 shuttle tanker newbuilds for a total fully-built-up cost of approximately $265 million. Upon delivery in 2020, the vessels will join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the North Sea. “This is another important milestone for Teekay Offshore’s shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea,” said Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. According to Teekay, the newbuilds will be constructed based on the Partnership’s new Shuttle Spirit design which incorporates technologies to increase fuel efficiency and reduce emissions…
Samsung Heavy Industries Replaces CEO
South Korea’s Samsung Heavy Industries named Joonou Nam as its new chief executive officer on Monday after Park Dae-young resigned to take responsibility for the firm’s losses. The shipbuilder’s shares plunged last week as it forecast a fourth straight year of operating losses and announced a rights issue. Nam previously oversaw Samsung Heavy’s shipyard in Geoje, South Korea. (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Stephen Coates)
Hyundai, Samsung Clash in Drillship Market
According to a report from the Korean Herald, the competition in the market for drillships is heating up with Hyundai Heavy Industries Co. threatening Samsung Heavy Industries Co.’s dominance. Hyundai Heavy has turned its eyes to the market in recent years. The company’s first drillship was delivered late last year and Samsung Heavy has lost its place at the top of the drillship market to Hyundai Heavy. Source: The Korean Herald
Samsung Wins Containership Job
Samsung Heavy Industries Co. reportedly won a $240 million order from Germany's Hamburg Sud to build six 3,400-TEU containerships.
Samsung Heavy $630M Orders for Tankers, Offshore Platform
Samsung Heavy Industries Co., South Korea's third-largest shipbuilder, said it has won orders worth a combined $630m for five oil tankers and an offshore. Under the deal with a Norwegian customer, Samsung Heavy will deliver the oil tankers by 2013. Another deal with a U.S. customer calls for the shipbuilder to deliver the offshore facility by 2013. With the deals, Samsung Heavy has won deals valued at $6.1b in 2010. For the year, Samsung Heavy aims at winning $8b worth of orders.
Association Says Korean Shipyards to Stay Ahead with Offshore Facilities
Shipyards of South Korea, are set to make efforts to develop offshore facilities in a bid to stay ahead of the field despite hot pursuit from rivals in Japan and China, an industry association said. Chief executives of the top three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- have decided in a recent meeting to expand exports in the industry's maritime facilities business to $10b by 2015 compared from the current $800 million, the Korea Shipbuilders' Association said. Source: Yonhap
Samsung Lands $330 Million in Orders
South Korea's Samsung Heavy Industries Co. said on Saturday it won $330 million in orders to build a liquefied natural gas (LNG) carrier for BP Amoco Plc and two large container vessels for Hong Kong's Orient Overseas Container Line Ltd (OOCL) - scheduled for delivery in early 2004. BP Amoco would pay Samsung Heavy $170 million for a 138,000-cu. m. LNG carrier, a Samsung spokesman said. The two container ships for OOCL, a unit of Hong Kong-based Orient Overseas International Ltd would measure 7,400 TEU.
Daewoo To Invest In Joint Manufacturing Operation
South Korea's Daewoo Heavy Industries Co. will invest $4.5 million in a joint ship engine manufacturing operation between state-run Hanjung and Samsung Heavy Industries Co., the Ministry of Commerce, Industries and Energy said. The ministry said Daewoo Heavy will hold a 17 percent stake through its investment in the newly named HSD Engine Co. Hanjung will hold a majority 51 percent stake, and Samsung Heavy 32 percent. Hanjung and Samsung will also pay $11 million and $6.8 million, respectively along with Daewoo's investment to raise HSD's equity capital to $26.8 million from the current $4.5 million. The ministry said most of the new capital would go to facility investment and the rest to research and development.
Samsung Heavy wins $1.29b Order
Samsung Heavy Industries Co., won a $1.29b order to build eight container ships for a European company. The vessels will be delivered by 2011, the company said in a regulatory filing. Samsung Heavy said on April 30 that it has received $6.8 billion in new orders this year, more than half of its 2007 target of $11 billion. Source: Business in Asia Today - May 07, 2007
Hyundai Heavy Leads Gains Among Korean Yards
According to a June 21 report from Bloomberg, Hyundai Heavy Industries Co., the world’s largest shipbuilder, led advances among shipyards in Seoul trading on expectations that a stronger yuan will help improve their price competitiveness against rivals in China. Hyundai Heavy climbed 4.9%t to close at 236,000 won, the highest price since May 12. Samsung Heavy Industries Co., the world’s biggest maker of drill ships, gained five percent to 24,200 won. (Source: Bloomberg)
Hyundai Mipo Wins $222m Contract
The Hyundai Mipo Dockyard Co., a unit of Hyundai Heavy Industries Co. said it had won a $222m order to build five chemical carriers. The shipbuilder will deliver the ships to an unidentified shipping company in Europe by February 2011, it said in a regulatory filing. South Korean shipbuilders such as Samsung Heavy Industries Co. are expected to see their exports rise 18 per cent to $26 billion this year on the back of continuous demand for high-end ships and other products. Source: Business in Asia Today
S. Korean Yards: Orders Up Significantly
South Korea trailed China in terms of new shipbuilding orders in the first half of this year as local yards were unable to meet cheap prices offered by Chinese rivals, according to a report on www.tradingmarkets.com. The Ministry of Knowledge Economy said local shipbuilders, such as HYUNDAI HEAVY INDUSTRIES CO., SAMSUNG HEAVY INDUSTRIES CO. and DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., clinched 4.62 million compensated gross tons (CGT) in new orders in the January-June period, up 450 per cent from a year earlier. (Source: http://www.tradingmarkets.com)
Samsung Heavy Sees Sales Up On Year
South Korea's Samsung Heavy Industries Co. has set a 2000 sales target of $3.5 billion, up from a provisional $3.4 billion for 1999. A spokesman said the company raised its 2000 recurring profit target to $222 million from an estimated $133 million for 1999. Samsung provided no estimate for net profit for 1999 or 2000.
South Korea Shipyard Stocks Surge
According to a report from Bloomberg, Hyundai Heavy Industries Co. (009540 KS) surged 11% percent after receiving an order for two LNG ships Dynagas Ltd. of Greece, Samsung Heavy Industries Co. (010140 KS) gained 1.8% after it won a $3b order to build a FPSO facility for Shell Development Pty Ltd., Daewoo Shipbuilding (042660 KS) rose 1.8% and Hyundai Mipo Dockyard (010620 KS) rose 3.5%. (Source: Bloomberg)
S. Korean Shipyards Forecast to Win Most LNG Carrier Orders
South Korean shipbuilders are expected to win the bulk of global orders for liquefied natural gas (LNG) carriers this year thanks to their capabilities to build such ships, industry sources said Wednesday. The country's three shipbuilders -- Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and STX Shipbuilding Co.-- have clinched the world's 12 LNG ship orders placed this year, they said. Samsung Heavy Industries has received orders for six LNG carriers so far this year, followed by Daewoo with five orders and STX with one. About 40 to 60 LNG ships are expected to be ordered worldwide this year by countries such as Nigeria, Angola, Spain and Australia, according to the sources.
Samsung Heavy Industries Wins $771m Contract
Samsung Heavy Industries Co., has received a $771m order to build six container ships from a European company. The vessels will be delivered by July 2010, it said in a filing with the Korea Exchange. The value of the order accounts for 11.2 percent of its recent sales. Source: Yonhap
Samsung Heavy Industries to Raise $985 mln via Rights Issue
South Korean shipbuilder Samsung Heavy Industries Co Ltd said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue. Samsung Heavy, part of the Samsung Group conglomerate, has been planning a rights issue to weather a drop in orders for new vessels at South Korea's three largest shipbuilders, while the country expects a 20 percent drop in major shipbuilders' capacity by 2018 from 2015. Separately, a person with direct knowledge of the matter told Reuters that Samsung Electronics Co Ltd Vice Chairman Jay Y. Lee - the de facto head of Samsung Group - does not plan to buy any of the new Samsung Heavy shares. A Samsung Group spokeswoman declined to comment. Reporting by Joyce Lee and Se Young Lee
Samsung Heavy to Build 4 Rigs
South Korea's Samsung Heavy Industries Co, said it has secured new orders worth a total of $2.41b. The company said it won a $1.15b dollar contract to build two semi-submersible floating drilling rigs by September 2010 for a Russian client. Separately, clients in Africa and in Americas ordered two oil drillships worth 1.26 billion dollars which will be delivered by May 2011, it said. Source: AFX
Samsung Companies Consider Merger Again
South Korean shipbuilder Samsung Heavy Industries Co will try again to merge with sister company Samsung Engineering Co Ltd later this year, reports Korea Times. Samsung Engineering CEO Park Jung-heum has said he will once again pursue a merger talk. "Before pushing for the deal, we need understanding from the financial markets, which we believe is a key condition," he told local reporters. Samsung Heavy's planned $2.5 billion takeover of Samsung Engineering collapsed in November due to shareholder opposition.
Samsung Wins $446m Order
Reuters reported that Samsung Heavy Industries Co. won a $446.1mm order from Europe to build one floating production storage offloading ship. The ships would be delivered by Nov. 27, 2010, Samsung said in a filing with the local stock exchange. Source: Reuters
Aker Kvaerner Gets Drilling Equipment Contract for Samsung
Samsung Heavy Industries Co. Ltd. in Korea has awarded Aker Kvaerner a contract for delivery of a new drilling rig to Eastern Drilling's West E-Drill project. The project will start immediately at Aker Kvaerner's subsidiary Aker Kvaerner MH, with delivery of the drilling equipment package in the second half of 2007. The new contract was an option in a contract Aker Kvaerner MH signed with Samsung in June 2005, and the scope is similar for both contracts The drilling system will be a highly efficient system designed for parallel operations and operation at remote locations.
Korean Shipbuilders' Orders Halved
According to a 'Yonhap News Agency' report, the country's three biggest shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- clinched orders worth a combined US$17.3 billion during the January-June 2012 period, down 50.8 percent from a year earlier. Hyundai Heavy Industries, last year's market leader, secured a mere $4.93 billion in orders over the six-month period, while Samsung Heavy landed shipbuilding deals worth $6.5 billion and Daewoo Shipbuilding won $5.87 billion worth of contracts. The sharp decline in orders is mainly attributable to weakened demand in Europe, hit hard by severe debt problems.
Samsung Wins Tanker Contract
According to a Korea Herald report, Samsung Heavy Industries Co. won a $422.5 million deal to build three arctic tankers for Russian state-owned shipper Sovcomflot. Samsung is the first Korean shipbuilder to receive an order for ice-breaking oil-carriers. Sovcomflot plans to operate the artic tankers over the Barents Sea between the Varandiy oil well in the Arctic Ocean and Murmansk harbor in Russia, according to the report. As oil development in the arctic region progresses, demand for at least 20 arctic tankers is expected by 2015. Source: The Korea Herald